Progress Software CEO Reidy to step down

Progress Software CEO Richard Reidy is leaving the company once his successor is found, the middleware vendor said Monday. Reidy is stepping down under mutual agreement with the company's board, according to a statement.

A search for candidates will begin immediately, Progress said. Reidy has worked in various roles at Progress for 27 years and became CEO in March 2009. In its announcement Monday, Progress credited Reidy with engineering an overhaul of Progress' business strategy that more closely aligned its array of products.

While the Bedford, Massachusetts, company has performed well of late, "new leadership will help accelerate [its] strategy going forward," Reidy said in a statement.

Progress is one of the software industry's few remaining independent, medium-size vendors of middleware, along with companies such as Tibco and Informatica. It reported US$529.1 million in revenue during its fiscal 2010. Revenue for the second quarter ended May 31 was up 6 percent to $134.7 million.

The company's products include the SonicMQ messaging system and Apama CEP (complex event processing) platform.

Chris Kanaracus covers enterprise software and general technology breaking news for The IDG News Service. Chris's e-mail address is Chris_Kanaracus@idg.com

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